Billionaire wants to buy "up to 25% of the Bitcoin market"

30 May, 2019 | Updated: 30 May, 2019
by Will Heasman
Breaking News
 Billionaire wants to buy up to 25% of the Bitcoin market

A billionaire - and potentially soon to be Bitcoin baron - has apparently offered to buy "25%" of the entire circulating supply of Bitcoin - a massive 4,432,740 BTC, which at current exchange rates equates to $38.5 billion. 

Ever wondered how billionaires are entering the cryptocurrency industry? Without a plethora of easily accessed over-the-counter trading desk and with little knowledge of those that actually exist, some accredited investors are apparently turning to a slightly different vehicle for entry … an art dealer. 

According to Forbes, The Dadiani Syndicate – an off branch of Dadiani Fine Art – managed to find a huge market for cryptocurrency investment within the art industry.

The Dadiani Syndicate calls itself a “platform for maximizing your digital holdings," matching together bitcoin Buyers and sellers, taking their depth of knowledge acquired from years art dealing and transposing it into an uncomplicated peer to peer exchange.

The syndicate was set up by art Dealer Eleesa Dadiani, who is no stranger to the world of crypto, previously partnering with Maecenas Fine Art – a blockchain platform for the tokenization of art – to auction off 49% of Andy Warhol’s “13 small Electric Chairs” offering a stake in the masterpiece for Bitcoin, and other cryptocurrencies.  

Dadiani explains the transition from art dealer to crypto dealer, relaying that the initial idea was to help people cash out their assets, instead of acquiring them:

"When I founded the institution it was a way for people to cash out of their cryptocurrency assets, but we found there were people who wanted us to assist them in buying enormous amounts of bitcoin."

The Dadiani Syndicate itself takes an example from the crypto industry, describing itself as a “peer to Peer network” for trading.

Incredibly, Dadiani relays that one (very, very, very) accredited investor was purportedly interested in “acquiring 25% of all bitcoin currently available.”

That percentage would amount translates to a monolithic 4,432,740 BTC – a current USD equivalent of $38.5 billion…

Let that sink in.

"There are a number of entities who want to dominate the market," Dadiani

 explained, "One of our clients approached us and said they were interested in acquiring 25% of all bitcoin currently available."

The art dealer-cum-bitcoin intermediary suggested that it was impossible to “realize” this kind of accumulation, adding that her company had instead been instructed to "scour the markets and gain access to as close to 25% as possible."

Dadiani also explained the importance of buying large amounts of BTC without incurring any slippage – a difference between the expected price of a trade and the price at which the trade is executed, this is exacerbated by both volatility and large orders within a low volume exchange.

"People buying large quantities of bitcoin want to avoid slippage," explained Dadiani, "The only way to do this is to avoid exchanges."

Dadiani continues to relay that her firm doesn’t deal with people who are not “clients of reputable banks," adding, "We are market makers, coordinators of these trades. Once you involve banks and institutions, it's up to them to make sure their clients are abiding by regulations."

So far, The Dadiani Syndicate has undertaken three “very large volume", and is currently securing the fourth.

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Read more about: Bitcoin (BTC) Forbes

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